Fitch Ratings Affirms Prudential Series 1999-NRF1.

CHICAGO -- Fitch Ratings affirms Prudential Securities Secured Financing Corp.'s commercial mortgage pass-through certificates, series 1999-NRF1 as follows:

-- $50.9 million class A-1 'AAA';

-- $480.3 million class A-2 'AAA';

-- Interest-only class A-EC 'AAA';

-- $51.1 million class B 'AAA';

-- $46.5 million class C 'AA';

-- $46.5 million class D 'BBB+';

-- $13.9 million class E 'BBB';

-- $20.9 million class F 'BB+';

-- $25.6 million class G 'BB';

-- $9.3 million class H 'BB-';

-- $9.3 million class J 'B+'.

The $15.8 million class K, $6.5 million class L, and $9.8 million class M certificates are not rated by Fitch.

The rating affirmations reflect both stable loan performance and paydowns since issuance. As of the June 2004 distribution date, the transaction's aggregate principal balance has decreased 15.4% to $786.2 million from $928.9 million at closing.

KeyBank Real Estate Capital, the master servicer, collected year-end (YE) 2003 financials for 94.8% of the pool balance. Based on the information provided, the resulting YE 2003 weighted average debt service coverage ratio (DSCR) is 1.60 times (x) compared with 1.68x at YE 2002 and 1.54x at issuance for the same loans. Twenty-six loans (5.1%) have a YE 2003 DSCR below 1.0x. The largest of these loans (0.7%), Radisson Inn, is located in Marlborough, MA and has seen a decline in travel to the area.

Currently, five loans (0.6%) are in special servicing. The largest specially serviced loan, Fountain View Retirement Village of Grant (0.2%), is secured by a health care property in Grant, MI. The loan transferred to the special servicer in May 2003. The special servicer is pursuing foreclosure.

Fitch is concerned with the number of loans of concern (10.8%) in the transaction, along with the 24 loans (12.4%) secured by riskier property types. However, this is mitigated by the 15.4% paydown from issuance.